Global ePharmacy Market Size & Growth (2019 - 2024)
The size of the ePharmacy Market at a global level was worth USD 42.32 billion in 2019 and will reach USD 107.53 billion by 2024, at a CAGR of 14.2% during the forecast period 2019 - 2024. Increasing the prevalence of the internet of things across the world and the growing use of smartphones and tablets are the key factors driving the demand of the global Online Pharmacy market.
TOP 5 U.S. Pharmacy Chains, By Total Prescription Revenues, 2017
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Retail Pharmacy Chain
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Estimated Prescription Revenues in 2017 (billions)
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Drug market Share
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CVS Health
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$98.1
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23.8%
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Walgreens Boots Alliance
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$64.3
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15.6%
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Walmart
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$20.5
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5%
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Rite Aid
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$15.8
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3.8%
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Kroger
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$13.1
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3.2%
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Source: drugchannels.net
- CVS Health is one of the largest pharmaceutical company which runs pharmacy drug stores along with which it also manages 'Rx benefit management division' familiarly known as 'CVS Caremark'. This company organizes many health services with nurse practitioners and physicians, where they treat minor health conditions. Also, this company has launched a drug named 'Rx Savings Finder' which is available at a low cost.
- Walgreens Boots Alliance competes with CVS Health Company and leading international pharmacy in the health and beauty group. Other than pharmacies drugs, this company also ensures to operate mail-order pharmacy and some other speciality care for the patients.
- Walmart stores are holding third-largest shares in the chain with USD 20.5 billion in 2017. These stores provide convenience and affordability for the consumers. It launches over the counter drugs and other beauty products at the lowest prices, which are making the company have the most significant shares.
- Rite Aid is to come up with a strategic plan to compete with the largest shares companies. To recover its brand image, the company should increase its drug store and restore prescription drugs at affordable prices.
- Kroger is a strong competitor in the U.S pharmaceutical chain. This company is in a rush to offer generic prescription medications at lower prices.
KEY MARKET TRENDS
The growing scope of e-commerce has made it easy for e-Pharmacy to capture a large customer base in both developed and developing countries of the world. This generation relies heavily on the online supply of products such as cosmetics and medicines without a prescription. There are also various startups around the world due to the advent of new information technologies and algorithms that provide a better experience and consumer satisfaction. It is believed that new technologies based on artificial intelligence will ensure better customer satisfaction in the Market. All of these factors are escalating the growth of the global e-pharmacy Market.
Rising incidences of chronic diseases and increasing awareness over the online pharmacies is to surge growth opportunities for the global ePharmacy Market. Furthermore, the market is propelled by the implementation of e-prescription, which is an easy and convenient process in pharmaceutical companies.
Government agencies' efforts to reach regulatory agreements and ethical practices in the field of e-pharmacy in some major dynamic regional markets are expected to open lucrative business opportunities for the stakeholders operating in the global ePharmacy Market.
There are strict regulations for the sale of prescription drugs through online channels. Sales of prescription drugs through the electronics industry in North America and Europe are highly regulated, and companies must comply with various rules that could have an impact on ePharmacy Market development in these areas. Besides, not all countries in the world have legalized the sale of prescription drugs through websites. It is believed that factors such as the unregulated sale of prescription drugs that could lead to online drug bans will lead to lower revenue in the world ePharmacy Market. Possible confidentiality, improper packaging, failure to verify drug interactions are other significant challenges that can slow the growth of the online pharmacy market.
However, the rise in the fraud activities is slightly restraining the demand of the ePharmacy Market. Security and privacy concerns among people have remained a challenging factor for the Online Pharmacy market.
Recent developments in the ePharmacy Industry:
- In March 2019, in India, the National Association of Boards of Pharmacy (NABP) had certified 1mg with LegitScript. It is the first company in India to get this certificate.
- In January 2019, Swedish online pharmacy company focused on expanding its business across Europe by funding USD 5.5 million. It is to increase its portfolio in the online pharmacy market.
- In November 2016, the Hyperlocal drugs delivery app was acquired by Netmeds Marketplace, where it delivered an application named Pluss for an undisclosed amount.
- In June 2015, the acquisition between the Rite Aid Corp and Envision Rx Options had made many developments in the ePharmay industry. Mail-order pharmacy, along with prescription medicines, are provided due to this acquisition. Rite Aid Corp has entered into the Online Pharmacy Market with this acquisition and leading with the most significant shares.
REPORT COVERAGE
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REPORT METRIC
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DETAILS
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Market Size Available
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2018 – 2024
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Base Year
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2018
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Forecast Period
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2019 – 2024
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Segments Analyzed
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By Drug Type, Product Type and Region
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Various Analyses Covered
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Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
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Regions Analyzed
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North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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Companies Analyzed
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Lloyds Pharmacy Ltd., Planter, CVS Health, Canada Drugs, Medicate, Express Scripts Holding Company, Secure Medical Inc., Walmart Stores Inc., Sani care AB, Walgreen Co., The Kroger Co., Doctors, Rowlands Pharmacy, Giant Eagle Inc. and Optus Rx Inc.
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This research report on the Global ePharmacy Market has been segmented and sub-segmented into the following categories and calculated market size and forecast for each segment until 2024.
ePharmacy Market Analysis - By Drug Type
Based on drug type, the OTC drugs segment witnessed the most significant shares of the Market. The rise in the demand for electronic devices rather than traditional techniques is mainly fuelling the growth of the ePharmacy Market.
ePharmacy Market Analysis - By Product Type
- Skin Care
- Dental
- Cold And Flu
- Vitamins
- Weight Loss
- Others
Based on product type, the Skincare segment is ruling with the highest shares of the ePharmacy Market with the increasing concern towards the beauty conscious.
Regional Insights:
North America accounted for dominant shares of the global ePharmacy Market by owing to the emergence of software technology in the medical sector.
The Asia Pacific is the second-highest in leading the demand of the Market.
Europe is registered in having the fastest growth rate from recent years and also to hit the highest CAGR in the coming years. Increasing support from the IT sector and adoption of cloud-based technology in every application is lavishing the demand of the ePharmacy Market.
The Middle East and Africa are to have prominent shares shortly.
Key market participants playing a crucial role in the global ePharmacy Market profiled in this report are
- CVS Health
- Walmart Stores, Inc.
- Walgreen Co.
- The Kroger Co.
- Rite Aid Corp
- Lloyds Pharmacy Ltd.
- Planter
- Canada Drugs
- Medicate
- Express Scripts Holding Company
- Secure Medical Inc.
- Sani care AB
- Doctors Rowlands Pharmacy
- Giant Eagle, Inc.
- Optus Rx, Inc.
- Introduction
- Market Definition
- Study Deliverables
- Base Currency, Base Year and Forecast Periods
- General Study Assumptions
- Research Methodology
- Introduction
- Research Phases
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- Secondary Research
- Primary Research
- Econometric Modelling
- Expert Validation
- Analysis Design
- Study Timeline
- Overview
- Executive Summary
- Key Inferences
- New Developments
- Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
- Market Drivers
- Market Restraints
- Key Challenges
- Current Opportunities in the Market
- Market Segmentation
- By Drug Type
- prescription drugs
- over the counter drugs
- Y-o-Y Growth Analysis, By Drug Type
- Market Attractiveness Analysis, By Drug Type
- Market Share Analysis, By Drug Type
- By Product Type
- skin care
- dental
- cold and flu
- vitamins
- weight loss
- others
- Y-o-Y Growth Analysis, By Product Type
- Market Attractiveness Analysis, By Product Type
- Market Share Analysis, By Product Type
- Geographical Analysis
- Introduction
- Regional Trends
- Impact Analysis
- Y-o-Y Growth Analysis
- By Geographical Area
- By Drug Type
- By Product Type
- Market Attractiveness Analysis
- By Geographical Area
- By Drug Type
- By Product Type
- Market Share Analysis
- By Geographical Area
- By Drug Type
- By Product Type
- North America
- Introduction
- US
- Canada
- Europe
- Introduction
- UK
- France
- Spain
- Germany
- Italy
- Asia-Pacific
- Introduction
- India
- China
- Japan
- South Korea
- Australia
- Latin America
- Introduction
- Brazil
- Argentina
- Mexico
- Middle East & Africa
- Introduction
- Middle East
- Africa
- Strategic Analysis
- PESTLE analysis
- Political
- Economic
- Social
- Technological
- Legal
- Environmental
- Porter’s Five analysis
- Bargaining Power of Suppliers
- Bargaining Power of Consumers
- Threat of New Entrants
- Threat of Substitute Products and Services
- Competitive Rivalry within the Industry
- Market Leaders' Analysis
- Lloyds Pharmacy Ltd.
- Overview
- Product Analysis
- Strategic Evaluation and Operations
- Financial analysis
- Legal issues
- Recent Developments
- SWOT analysis
- Analyst View
- Planter
- CVS Health
- Canada Drugs
- Medicate
- Express Scripts Holding Company
- Secure Medical Inc.
- Walmart Stores Inc.
- com Inc.
- Sani care AB
- Walgreen Co.
- The Kroger Co.
- Doctors Rowlands Pharmacy
- Giant Eagle Inc.
- Optus Rx Inc.
- Competitive Landscape
- Market share analysis
- Merger and Acquisition Analysis
- Agreements, Collaborations and Joint Ventures
- New Product Launches
- Market Outlook and Investment Opportunities
- Appendix
- List of Tables
- List of Figures
- Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- The segment-level analysis in terms of raw materials, by application, along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
- A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
- Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
